Foreclosure Trends

Greg Watson asked:


Are you a homeowner who is facing foreclosure? If so, you may be unsure as to what your options are. Now is the time to find out. Why? Because you may be surprised how many ways there are to avoid foreclosure. When foreclosure is avoided you can either retain your home, keep your credit in good standing, or do both.

When facing foreclosure, the first step you should take is to approach your bank. It is best if you do this before the issue of foreclosure arises. Once it does, it is still not too late to schedule a meeting with the chief loan officer at your bank. If you can prove that you intend to get your mortgage back in good standing or that your financial troubles are only temporary, your lender may hold off on foreclosure.

Even if your lender is willing to work with you, keeping your home may not be in your best interest. If you are having long-term financial hardships, it may be within your best interest to sell your home before it enters into foreclosure. When making this decision, you may want to talk to your lender. They may agree to allow you to proceed with a pre-foreclosure sale. In fact, they may hold off on the process of taking your home, giving you ample time to find a new buyer. When selling your home as a pre-foreclosure, your home can be listed as for sale by owner or through a professional realtor.

Even if you do not consider a pre-foreclosure sale to be an option, you should expect to hear from hopeful buyers. When you are delinquent on your mortgage, especially to the point of foreclosure, this information becomes public knowledge. Some buyers, namely professional investors, seek out those in trouble. Although having a stranger appear at your door or call offering to buy your home may be rude, it is a decision that you may want to give serious thought to.

Another option that you, as a homeowner, has during foreclosure to hire the services of an attorney. When doing so, see those with specialties in foreclosures or real estate. A lawyer can advise you on what steps to take. They can help you understand the pros and cons of pre-foreclosure sales. In some states, attorneys can use bankruptcy as a tactic to stop the foreclosure proceeding. Although not a long-term fix, it may buy you more time to make a decision. It is important to note that bankruptcy, by itself has a whole list of pros and cons.

Most states have what are known as redemption period laws. These are designed to protect homeowners. They give you a grace period to reclaim your home. If you can make good on your mortgage payment, the foreclosure proceedings will stop. States that have these laws often enable you to reclaim your property even after it has been sold at a foreclosure auction. This is provided that you act within the allotted time frame.

If you reside in a state where you are not given a grace period or a redemption period, you always have the option of buying your home again. Anyone can place a bid at a foreclosure auction. With that in mind, placing a bid and being the winning bidder are two different things. It often takes a significant amount of cash to reclaim your home. Your financial lender will also likely attend waiting to pounce. If the bids are not high enough, they will buy your home themselves. This is done to minimize their money lost. Later, your home will be available for sale as a REO (real estate owned) home.

 



TIM

Ruth Jacob asked:


House prices will take more than four years to rise above their 2007 peak, a wide ranging survey of experts has warned, thus also affecting the mortgage market. 

The gloomy message was delivered by more than, 60 per cent of 225 Society of Business Economists (SBE) members surveyed for ITV1’s Tonight programme.

House prices could fall by up to 20 per cent from the top of the market, according to 56 per cent of respondents - although 20 per cent took an even more pessimistic view, forecasting property values could slump by as much as 30 per cent.

More than half the experts from banks, building societies and industry said house prices would fall by between 6 per cent and 10 per cent this year.  The market will hit rock-bottom in 2009, according to 44 per cent of those surveyed.  The SBE’s chairman, Bronwyn Curtis, also warned recent buyers could have to wait “a long time” to get their money back.

Speaking to the programme, she said: “It doesn’t look like we’re going to see a fall, which is what we’re in the middle of, and a quick bounce back.  It does look as though it’s going to go on, and we’ll have slow growth for some time.

She added: “On top of that, house prices were overvalued, according to most economists, and so you have the situation where they remain undervalued for a long time.”

The survey is the latest addition to a steady stream of miserable news on the housing market, which saw share prices in the UK’s major house builders hammered last week.

Recent figures from the Nationwide and Halifax building societies showed hefty price falls during May, while the number of homes changing hands also slumped to a 30 year low as the credit crunch continued to put pressure on the property market.

Estate agents sold an average of just 17 properties, each during the three months to the end of May, according to the Royal Institution of Chartered Surveyors; the lowest figure since it first began collecting data in 1978.

This news, comes after it was reported that around 15,000 estate agents, will lose their jobs within this year, due to the housing slump coupled with lack of mortgages due to the credit crunch, continue to take their toll.

Another official blamed the credit crunch for estate agents’ problems, said: “The irony is that there is no shortage of people who want to move house, but without mortgages they just can’t do so.  Estate agents are having to close because there just isn’t enough movement in the housing market and that is likely to have a much wider impact because a healthy housing market is essential for the health of the high street.”



ELLIOT

Jill Borash asked:


The foreclosure process can be a scary and emotional process. There are terms being thrown around that you do not understand and paperwork being mailed to you constantly that is just as confusing. The two most important things that you can do right now is get yourself educated and keep the lines of communication open with your bank. Here are five important things that you need to know about the foreclosure process in order to understand how to avoid it.

1. Know when your bank will start the foreclosure process. The best way to find this out is simply to call them and find out what their policies are. When the process will start depends entirely on your bank. Some will start foreclosure proceedings after 90 days of no payments. Some will take longer. Talk to your bank to know when that process will start for sure.

It also depends in large part on your willingness to work with the bank. If they know that you are trying to work with them, they may not even start foreclosure at all. Some banks will work with you to help you figure out the best solution for your specific situation. If you keep them informed of what is going on with you, you have a much better chance of working something out with them.

2. Know how long the foreclosure process will take with your bank. It varies from bank to bank and again, the best way to find out this information is by calling your bank and talking to someone in the foreclosure department. And again, it depends largely on your bank on how quickly this process will move. Some banks will get it done as quickly as 6 months and some will take longer.

3. Know what alternatives you have to foreclosure. There are always ways to avoid foreclosure. What your alternatives are will depend on your situation. This includes things like whether or not the changes to your financial situation are temporary or permanent, if you want to stay in the house or not, how much money you owe on the house and many other factors. Talking to your bank and a foreclosure attorney will help you figure out what your options are and what the best solution is for your situation.

4. Know who you need to be talking with at your bank. This may change during the foreclosure process. If you start working with your bank before your home goes into foreclosure, then you will probably start by dealing with the workout department. If your home goes into foreclosure, your file may get transferred to a foreclosure department. Keep in contact with your bank and make sure that you have the correct contact at all times. Faxing paperwork to the wrong person or repeatedly calling the wrong person ends up wasting your time. And time is one thing that is never on your side during the foreclosure process.

5. Know what the legal paperwork you are getting means. During the foreclosure process, you will paperwork from the mortgage company’s lawyers. If you can, getting a foreclosure attorney so that you understand what the paperwork means is a good idea. If you cannot get a foreclosure attorney, do some research yourself to understand what the paperwork you are getting means. Understanding the paperwork is vital to understanding where exactly you are at in the foreclosure process.



EARNEST

Matt asked:


Negotiate a foreclosure help plan prior ro losing your home; people that are facing foreclosure often do not realize that there are options to avoid foreclosure.  Home foreclosure help is available for those who may be losing their home if they are willing to talk to the lender and entertain options that they offer to avoid foreclosure.

Lenders are calling, sending letter and other correspondences attemptin to colect the money that is owed to them.  Homeowners believe that this is because they are like “robots” and do not care about the circumstances; however, this is simply not the case, Lender are just doing their job, then loan people money and in turn, they expect payment to be made on time every month.  In most cases, lender will negotiate a reasonable arrangement to avoid foreclosure.

Lenders have several options available to people that are facing a foreclosure  However you have to to talk to them in order to determine if they are viable options for your particular situation.  Lenders do not want to process a foreclosure to get the house back.  the process can be very lengthy, time consuming, and expensive.  Therefore, they often times would prefer to negotiate a suitable settlement versus taking your home through a foreclosure.

Interest Only Payment:

Depending on the amount of the default and the time that lapsed, your lender may be willing to offer you an interest only loan for a year or two.  Foreclosure help is often available from lender by modifying their loan and getting your payments lowered.  This should lower you monthly payment and allow you to get back on track and prevent foreclosure of your home.

Half Payment:

Some lenders may discount your monthly payment, up to 50%, if they feel that this will afford you the time that is needed to correct the financial difficulty that you are experiencing.  Discounting your monthly mortgage payment is a foreclosure help option that is rarely available, but it never hurts to ask your lender.

Short Sale:

Often times a lender will allow a homeowner to sell their home for less then the amount that is currently owed on the loan.   This is commonly referred to as a “short sale”.  Borrowers may not think that this is a valid form of foreclosure help, however, a short sale preferred over a foreclosure to minimize the impact to furture credit.  While some lenders will not allow or offer borrowers facing a foreclosure this option, it is worth asking prior to the lender takng foreclosure action.

While this is an overview of only a couple of optons that are available to borrower for foreclosure help, it is a great starting point.  There are a number of options availablel to people that are facing foreclosure, bue sre to research and investigate all of your home foreclosure help options prior to making any decisions or simply walking away.  many home foreclosure help web sites offer valuable information that can assist homeowners that are facing foreclosure.  Bailey Mortgage Services is exactly that.

http://www.baileymortgageservices.com



SYLVESTER

Ki Gray asked:


The general arguments concerning the bailout have gone something along the lines of

Anti Bailout : “The taxpayers should not have to foot a 700 billion dollar bill to bail out Wall Street”

Pro Bailout : “But if taxpayers do not bail out Wall Street the economy will fall apart and those same taxpayers will be hurt”

If we could be sure the bailout would work the second argument has some merit. While the bailout will certainly help the banks, the problem is we have almost no guarantee the bailout will help the real estate market and the general economy.

First let’s look at some recent history of how the Fed has tried to help the troubled real estate market. The Fed usually attempts to lower mortgage interest rates to help the real estate market. By lowering mortgage rates houses become more attractive to buyers. In addition, with lower mortgage rates home buyers can buy more expensive houses with the same monthly payment. Therefore lower rates can help stop falling home prices. So it was not surprising in early 2008 the Fed cut the Fed rate. In normal markets lowering the Fed rate helps banks and causes them to lower mortgage interest rates. And following the Fed cut mortgage rates dropped to 5.5 for a period of time. If they had stayed down we might have averted some of the problems with the current housing crisis. But instead a few weeks later rates had jumped backed up to 6.2. Basically banks said thanks for the lower fed rates but we are not going to alter our mortgage rates.

In fact, over the next few months mortgage rates rose all the way to 6.6. The next big move was acquiring Freddie Mac and Fannie Mae. This was one of the largest government takeovers in US history. The move was risky because the government was providing insurance for trillions in loans. And it initially had a positive effect on the housing market. But a few weeks later AIG ran into financial problems. This dominated the news cycle. It was almost as if the government takeover of Freddie Mac and Fannie Mae never happened.

So the previous moves the federal government has made to stop the financial crisis have not worked. Should the 700 billion dollar bailout be different? It could certainly help the housing markets. But it might not. Lets look at why.

One of the benefits of the 700 billion dollar bailout has nothing to do with banks. It has more to do with perception on Main Street. The hope is that the bailout will restore confidence in the real estate market on Main Street.

In politics people often talk about news cycles covering up the last news cycle. Basically the last piece of news stays in people’s minds until the next piece of news comes along. The Fannie Mae and Freddie Mac news cycle (and the billions the government will spend on it) only lasted until the next piece of news, which was about a week. While the 700 billion dollar bailout should restore some confidence in the real estate market, that confidence might only last until the next piece of news. And with things happening so quickly that news cycle might not last very long and given the current market the next piece of news will probably be negative.

The other benefit of the 700 billion dollar bailout is that the government is hoping to influence banks to start lending again. The idea is that by taking billions in toxic loans off the books for banks they will start lending again. The problem is that their is no guarantee this will happen. In fact, when the Fed lowered rates banks said thanks but decided that prospects for the housing market looked negative and continued to add restrictions to lending. In a similar fashion banks could say thanks for the 700 billion but we continue to see negative prospects in the housing market and therefore we will continue to have strict lending practices. But thanks for the 700 billion taxpayers.



RANDOLPH

Phil asked:


A dwindling house market in the UK could stretch the financial situation for some mortgage lenders according to credit ratings agency, Fitch.

Their research has uncovered that the British housing market is set to see the trend of lower prices continue, but they do not expect to see a collapse of house prices.

Director of Fitch’s London-based Financial Institutions Group, Alexander Birry, warned that a weakening housing market could place added pressure on UK mortgage lenders who may see a downgrading of their credit ratings, making it more expensive for them to borrow on the money markets. However, a rebalancing act of the market is likely to offer opportunities to those with the best access to funding.

Birry said, “Rating actions may occur if a lender shows more vulnerability to a weakening housing market than is currently anticipated. In particular, the performance of certain non-conforming residential loans in a more difficult market represents a key uncertainty.”

Banks are set to find it increasingly difficult to offer competitive mortgage rates if they are forced to spend more money on their borrowing, which will in turn worsen the squeeze on credit; but downgrades are not expected across the board from UK lenders.

Alliance and Leicester have announced though, that they are set to stop writing the vast majority of new mortgages after they suffered losses of £150 million as a result of a recent credit crunch. Their shares also suffered with a reported fall of 2.5 per cent to a record low of 479.5 pence.

The lender also revealed that they were to end the offer of 125 per cent mortgages as a result of the falling house prices leaving many borrowers who relied on their house value increasing, facing financial difficulty.

The packages that usually saw a mortgage with a loan to the value of 95 per cent, with a further 30 per cent as a personal loan had been abandoned because “Alliance and Leicester is a prudent and responsible lender, with PlusMortgage successfully targeting high quality applicants” according to their spokesman, Stephen Leonard.

Elsewhere on the continent the weakening Irish housing market has also affected their mortgage lenders as Irish banks are more exposed to real estate than most others in Western Europe. This has made them susceptible to any significant frailties in the sector. Fitch analyst Matthew Taylor warned, “If the Irish economy achieves a soft landing, which we regards as the most likely scenario, then most Irish institutions should be capable of rising to the challenge without the need for rating action. In the case of a more severe contraction in economic growth, a wider range of rating actions on Irish banks may be required.”

In Spain property prices had fallen dramatically after a housing boom in recent years. This has left mortgage lenders especially weak when banks have significantly increased their exposure to real estate. However, Fitch has concluded that they see more pressure falling on some of the savings banks, rather than the larger, more expansive lenders.



CAMERON

Ranju Kumar asked:


If your financial situation is out of control and you are in the stage of not paying your arrears on mortgage, then, it is for sure that you are going to face foreclosure. There are many companies which claim to help people in foreclosure but unfortunately they are just scams cheating their victims without doing anything to help them.

Foreclosures are on the rise everywhere because of the mortgage companies that are so generous in lending. This has made easier for people to buy a home or property. Many people buy property with a hope that they would make more money later and afford to pay of their debts. But, unfortunately they fail to make payments and finally face foreclosure.

It is not difficult to stop foreclosure as some people think. If you really want to know the absolute method to stop foreclosure, the solution is to act immediately. Most people ignore this and fail to stop foreclosure at a very early stage. Your only solution is to find a way so that will help you change your situation.

If you loose your house or property in the foreclosure, then there are some things that you need to do in order to keep your home out of foreclosure. You can contact your lender and discuss options with him. There are several counseling agencies approved by the governments that may offer you up-to-date information on the various programs that are designed specially for the individuals facing foreclosures.

There are also some books about foreclosure which contain vital information about the facts of foreclosure dealings which may be of great help in preventing you from losing your home or property. Reading these books will increase your confidence and give you the ability to avoid foreclosure.

You can also find many websites that aid you to overcome foreclosure in addition to these books. Having a thorough knowledge of how to deal with foreclosure will help you to a great extent.

Foreclosure can happen to anybody without any fault of their own, and if you are in this position make sure that you take initiative at an early stage. Taking immediate action and doing these things can make a huge difference as to whether foreclosure becomes a reality for you or you manage to prevent it? Don’t predict your future make use of the right foreclosure tactics that will save your home and property.



JOEY

John Chase asked:


Government Help To Stop Foreclosure

Many advocates believe there needs to be an increase in government help to stop foreclosures. With the recent increase in foreclosure rates, many politicians are pushing for government “bail out” for the institutions who offered subprime mortgages. What the average consumer doesn’t realize is that there are many government, state and federal, already in place to help stop foreclosure. When looking for information on government help to stop foreclosures, the internet is a great place to look.

The U.S. Department of Housing and Urban Development (HUD) has many programs in place to offer government help to stop foreclosures. The HUD web site offers many tips and suggestions for home owners that find themselves in financial difficulty and impending foreclosure. The most important step is to have open communication with your lender.

The federal government has incentive programs in place for the lender to help avoid foreclosure. There is significant assistance available for those who communicate with their lender early in the foreclosure process. HUD also has approved foreclosure counselors who will offer individualized help.

A recent collaboration of HUD/Federal Housing Administration, the Department of Veteran Affairs, the Department of Labor and mortgage lenders have provided valuable information regarding government help to stop foreclosures. If you’re facing financial difficulties due to job loss, military service, or natural disasters, there are many programs providing government help to stop foreclosures. Contacting any one of these agencies is an important step in gathering information to help you keep your home.

Victims of a natural disaster have special government help to stop foreclosure that has been made available through the national government. If you were a victim of a national tragedy, such as the attacks of September 11, 2001, there may still be help available through the disaster relief plans the federal government has in place. Military families who are suffering financial hardship due to deployment or disabilities caused during active duty also qualify for special programs to help them keep their homes.

The most important step when looking for government help to stop foreclosures is to contact your lender. Lenders have the most up to date information on all the government programs available and can tell you if you qualify for any of them. Lenders have workout options that help you keep your home. These options work best if you’re only 1-2 payments behind, so contact your lender early. The farther behind you get, the fewer options there are.

Government help to stop foreclosures is available; you just have to act early to be able to benefit from most of these options.



CARLO

usmortgage42 asked:


Foreclosure:

At the advent of the credit crunch, it has been increasingly difficult for everyone to maintain payment of their debts.  This has been due to an escalation of interest rates and instability of jobs in the market.  Workers have been layed off everywhere. One of the sectors that were struck hard by the current financial crisis is the real estate sector.  Home buyers have been finding it more grueling now than ever to pay off their mortgages to the banks.  When the home buyer reaches the point wherein he can’t pay the mortgage anymore, the bank or the financial institution can seize the property and sell it to somebody else.  This is called as foreclosure.

Foreclosure:

Foreclosure is the legal process by which the lender revokes (forecloses) the borrower’s right of redemption to a property that is still under mortgage to the lender normally due to delinquency.  A court order (specifically called a foreclosure order) is required in foreclosure of a property. The borrower is given an opportunity by the court to redeem the property by payment of the entire loan including the foreclosing expenses.  However, if the home owner was not able to pay the whole amount within the prescribed time, the court will proceed with the court order. Thereafter, the mortgaged property can be put on sale by the lender.  Sales proceeds will go to the lender and will give the remainder to the borrower (if any). If the sale is not sufficient to cover the whole debt, the borrower is still liable to the lender of the shortfall.

Disadvantages of Foreclosure:

It is a sad situation when one’s home has undergone foreclosure.  Of course every home owner would want to stop home foreclosure now more than ever since the value of the real estate is plummeting.  Chances are that people would be buying the mortgaged home in a value which is lower than its “real” value.

How to stop home foreclosure?

The next question would be how we can stop foreclosure? Specifically how can we stop home foreclosure?  With today’s typical financial crisis and economical juncture, everybody is faced with a risk of encountering unfortunate situations may lead to foreclosure of one’s home.

One way to stop foreclosure is by availing loan from financial institutions.  The homeowner can use the proceeds from the loans to pay off their debt to the real estate lenders.  This is to avoid losses by selling the property at a lower value.

Avoid Foreclosure:

Of course it is still best to avoid foreclosure rather than remedy it.  Home owners should look at their credit standing first before going to a home mortgage.  They should also check their capacity to pay the loan. The financial crisis should give a clear message to everyone to not live beyond their means.

Monthly payment for loan should be up to date so they will not pile up and become a burden later on.  Delinquency starts with a month of not paying the loan that later on bloats up.

These are only some of the ways on how we can stop foreclosure now.

Help yourself and let us stop foreclosure now.



ALFONSO

Pete Collins asked:


Foreclosure Laws of Individual States

We are providing information about state foreclosure laws. This information is designed to help you understand the process in each state. However, legal information is not legal advice. We are not giving legal advice. The laws of every state are different and frequently change. If necessary, seek legal or professional advice according to your situation.

We have elected to summarize each state’s laws. For a more in-depth analysis of Foreclosure Laws of Individual States, please visit this website or call 800-437-2185for a free consultation on your foreclosure prevention options.

CAUTION: Information on the Internet for the most part is incorrect! Many sites that are publicizing Foreclosure Laws have incorrect information. We went through lengthy and timely research to bring you the most up- to-date and correct information available.

MORTGAGE AND DEED OF TRUST STATES

Below you will find each state according to whether they are Mortgage, Deed of Trust or both.

Mortgage States

Alabama Louisiana North Dakota Arkansas Maine Ohio Connecticut Massachusetts Oregon Delaware Michigan Pennsylvania Florida Minnesota Rhode Island Hawaii New Hampshire South Carolina Indiana New Jersey Vermont Kansas New Mexico Wisconsin New York

Deed of Trust States

Alaska Mississippi North Carolina Arizona Missouri Virginia California Nevada Washington, DC

States that use both Deeds of Trust and Mortgages

Colorado Montana Texas Idaho Nebraska Utah Illinois Oklahoma Wyoming Iowa Oregon Washington Maryland Tennessee Georgia West Virginia Kentucky

FORECLOSURE SUMMARIES

The following summaries give some information on individual state foreclosure laws. Timelines will vary depending on specific circumstances and each situation. The timelines noted within are based on uncontested actions and assume no delays. They give the time for the sale, then the running totals for various procedures, until the end, when the longest time possible for the entire foreclosure process ends . Often, these times are longer than normal in that redemption doesn’t often occur. However, delays do – so keep this in mind – every foreclosure is a unique situation, timelines will vary from foreclosure to foreclosure, and from state-to-state. All foreclosures must be conducted under GSE guidelines.

Alabama Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 49-73 days – sale held; 30 - 60 days if NOD is not required.

• Right of Redemption: Yes (12 months)

• Deficiency Judgments Allowed: Yes

Alaska Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 105-108 days – sale held; 108-111 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Arizona Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 115 days (non- judicial)

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Arkansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes, most circumstances

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days

• Right of Redemption: Ends at sale

• Deficiency Judgments Allowed: Yes

California Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 120 days

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Colorado Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 91 days – sale held; 166 redemption expires; 173 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Connecticut Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 90 days – default entered;180 redemption expires

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

D.C. (Washington District of Columbia)

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Delaware Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 170-210 days – sale held; 200-300 confirmation of sale;

• Right of Redemption: No

• Deficiency Judgments Allowed: No

Florida Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 135 days – sale held; 150 certificate of title issued;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Georgia Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 37 days sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 Hawaii Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (JF): 220 days – auction; 260 confirmation; 320 conveyance;

• Timeline (NJ): 160 days – auction; 195 conveyance;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Idaho Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 150 days – sale held; deed recorded

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Illinois Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 300 days – sale held; 345 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Indiana Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 251 days – sale held; 266 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Iowa Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 160 days – sale held; 180 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No

Kansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 130 days – sale held; 210 – 495 redemption period expires; 230 – 515 file closed;

• Right of Redemption: Yes (3 to 12 months)

• Deficiency Judgments Allowed: Yes

Kentucky Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 147 days – sale held; 177 sale confirmation; 198 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Louisiana Foreclosure Laws

• Judicial Foreclosure Available: Yes (Executory and Ordinary Process)

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline (EP): 180 days – sale held; 209 deed recorded;

• Timeline (OP): 240 days – sale held; 269 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Maine Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 240 days – sale held; 270 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Maryland Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 46 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Massachusetts Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 75 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Michigan Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held; 90 – 425 redemption expires, deed recorded;

• Right of Redemption: Yes (6 months is common)

• Deficiency Judgments Allowed: Yes

Minnesota Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline: 90 – 100 days – sale held; 270-280 redemption expires;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Mississippi Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Missouri Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60 days – sale held; 61-65 deed recorded;

• Right of Redemption: Yes (rare and difficult)

• Deficiency Judgments Allowed: Yes

Montana Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 153 deed recorded; 163 possession transferred;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Nebraska Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline (JF): 142 days – sale held; 176 deed recorded;

• Timeline (NJ): 111 days – sale held; 121 deed recorded;

• Right of Redemption: Judicial 30 days; Non-judicial – no;

• Deficiency Judgments Allowed: Yes

Nevada Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (NJ): 116 days – sale held; 118 trustee’s deed upon sale recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Hampshire Foreclosure

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 59 days – sale held; 75 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Jersey Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 280 deed recorded; 290

• Right of Redemption: Yes (10 days )

• Deficiency Judgments Allowed: Yes

New Mexico Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 180 days – sale held; 195 deed recorded; 225 redemption expires;

• Right of Redemption: Yes (30 days )

• Deficiency Judgments Allowed: Yes

New York Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (New York City): 445 days – sale held;

• Timeline (Outside the City):335 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 North Carolina Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 110 days – sale held; 120 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

North Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – entry of judgment to sale;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Ohio Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 217 days – sale held; until redemption expires and deed is recorded depends on county;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Oklahoma Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 156 days – sale held; 186 sale confirmed; 201 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Oregon Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usually)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 160 trustee’s deed recorded;

• Right of Redemption: Rare

• Deficiency Judgments Allowed: Yes

Pennsylvania Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 300 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Rhode Island Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 74 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

South Carolina Foreclosure

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – sale complete; 180 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

South Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (Rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 340 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Tennessee Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (very rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 40-45 days – sale held; 50-55 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Texas Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Home Equity Loan

• Timeline: 97 days – sale held; 102 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Utah Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instrument: Deed of T rust, Mortgage

• Timeline: 138 days – sale held; 139 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Vermont Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 95 days – default judgment enters; 275 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Virginia Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 45 days – sale held; 60 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Washington Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 135 days – sale held; 140-150 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Washington D.C. Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

West Virginia Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60-90 days – sale held; 120 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Wisconsin Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 290 days – sale held; 300 confirmation of sale; 305 deed recorded; 315 final title;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Wyoming Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No



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